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up on c-span a panel discussion about deficit eduction and the u.s. economy. then the plaque caucus talks about violence in the urban communities. >> on c-span 3 tomorrow morning financial regulators testify about the threat of financial market collapse. mary joe white will take questions from senators on the banking committee. live coverage starts at 10:00 eastern. then later in the day also on c-span 3 the natural resources committee investigates way to manage the nation's nuclear waste. watch live coverage at 2:30 .m. eastern. now a conversation on the federal deficit, federal spending and the u.s. economy. the center for american progress hosted this 90 minute iscussion. >> good afternoon everyone. thank you very much for joining us. linden. s mike i want to thank you and welcome you today. for the past three years, the economic policy debate here in washington has been dominated by one central issue, the federal budget n. 2010 estimates suggested that publicly held debt was on track to surprass 100% of g.d.p. by 2023. this alarming trend prompted many people in washington to of
the deficit in the short term. it's not the most important problem and not about to bite in the short term. we should worry in the long-term. what i want to ask you is if we imagine a country which you got to be -- i could see -- [laughter] i could see -- >> that should be on my -- [inaudible] >> how we can do that. you would laid out all kinds of idea for reducing the deficit. and we would have some faith that you do that. the way the political system works it's hard to cut the deficit. i guess the question i would have is given the kale of the long-term challenges we have, right, i given the fact the nor we wait and the more they buildup and the smaller part of the population. isn't it dangerous to say more chocolate today more spinach tomorrow? >> so i think what is interesting about the debate in washington we have been excellent at the spinach. i would turn it on the head. if yo look at policy making over the last several years, we've been -- we've excelled at deficit reduction. not in ways that is the most rash rash tell me. we made progress in the deficit reconstruction. we haven't been
in deficit savings. the tax increase deal they were talking about. the fiscal cliff. anyway, holiday, the expiration of the payroll tax. we have engaged in significant economic policy to bring the budget down. economic growth is part of it. it has been deeply subpar. to say, i'm ok with the demos and reduction we have as of because the economy is ok seems to be really missing a lot of the pain going on out there. >> on the one point that was made, which is that if our debt to gdp ratio grows out of flat, -- goes out of whack, that would have a big challenge for economic growth. we can disagree, but let's assume that is true. what i find frustrating about the current debate is, we have an economic growth spurt now --thout a long-term talent. economic growth problem now without the long-term talent. -- challenges. it is this whole discussion about ensuring that we are focused on those long-term -- which i agree. we do not have rational but-- we don't have rational political actors. with eight which take a different course. it is frustrating to hear about potential challenges to economi
minutes right now to take you live to the center for american progress for a conversation about deficit reduction and its effect on the economy. we'll hear from the head of the committee for a responsible federal budget and former economic advisor to vice president joe biden. >> -- on track to surpass 100% of gdp by 2023 well on its way to levels unheard of in modern american history. this alarming trend prompted many people in washington including the center for american progress to offer a variety of policy solutions to bring the federal budget on to a more sustainable course. today the budget picture looks significantly different than what it did three years ago. projections have the debt key cleaning slowly next five years before creeping up again after 2018 ending up in 2023 at about same levels where it is today. this fall washington is likely to be consumed yet again with talks of deficit and debt and spending and taxes. before october 1st congress will have to figure out a way to enact base government funding measures for the next fiscal year to keep the government open and some
statistics. but president obama's spending binbinge was just getting start. the budget deficit in 2009 was $1.413 trillion. in 2010, it was $1.294 trillion. in 2011, another $1.3 trillion. 2012, $1.087 trillion. not billion, trillion. and although the 2013 deficit we're in now is projected to dip below $1 trillion, it will still be $183 billion higher than any pre-obama deficit. mr. president, looking at the big picture, the national public debt now stands at just under $17 trillion, an increase of 60% under president obama. what has been the result of this spending spree, mr. president? taxpayers got more debt, but job seekers didn't get work. compounding our fiscal difficulties, social security and medicare remain on unstable, long-term footing. these programs alone already account for 38% of federal spending, but over the next 25 years, the congressional budget office projects that their share -- that social security and medicare -- of g.d.p. could increase by 40%. according to the trustees of the social security and medicare trust funds, medicare is expected to run out of money in 13 year
generation. >> but there's a deficit problem and we can't afford to spend more money. >> if you look at where we are today, we're not where we were in 2011. we have actually worked together. it's been a messy process, but we've worked together and reduced the deficit considerably. in the budget control act, we reduced the deficit on ae discretionary spending side. we enacted some tax legislation that raised the tax rate at the very top for the highest income. we still have some more work to do. the across the board cuts that kicked in are not good policy. we think they should be replaced by entitlement and tax reforms. but we've actually accomplished roughly the amount of deficit reduction we all set out to accomplish a few years ago. we're now arguing about the composition. we need to get on with the business of the american people who don't want us arguing about numbers. they want a better future for the american middle class. >> let's talk about the budget. the government runs out of money on december 30th that raises another government shutdown. while the president talks about higher taxe
of the budget deficit with athing revenue neutral. we have to cut spending and raise revenues. there's no way around that. can it be put together with mething like that? yeah, we could remove the deductions chshgs is why americans most pay a a single digit federal tax rate. it's hard to say -- who cares if this their rate goes up a little because some of the deductions are taken away. however, wcan't go -- the biggest tax deduction is all the levels of housing deductions for mortgages and depriation levels for those who rent, if you remove that to remove deductions, home prices will fall 30% in a year and cause a foreclosure mess. you have to phase out over ten years. >> gary b., we're talking about a trillion dollars in tax hike snz. >> bnda, it's astronomical. i don't see just to talk to jonas for a second, why we can't cut spending and cut renues. that's another way to get around this arrhythmia -- this equat n equation. i zrach my scratch my said. is there some evidence that giving more money to the government is effective? do we have some evidence that the government is somehow efficien
, but we worked together and reduced the deficit considerably. in the budget control act, we reduced it on the discretionary side and enacted tax legislation that raised taxes for the highest income. we have a lot of work to do, and the across the board cuts that kicked in are not good policy, we believe that they should be replaced by entitlement reforms, but we accomplished the amount of deficit reduction that we set out to accomplish. we are now arguing about the composition, we need to get on with the business of the american peep, they want us to build a better future for the american middle class. >> let's thauk about the budget. the government runs out of money on september 30th. the gop said that the sequester must stay in place, $109 billion starting in october. maybe reconfigured and billions of dollars more in spending cuts. they say cut spending. other than the republicans surrendering what is your plan to avoid a government shutdown. >> if you look at what is going on right now, in terms of our deficit, we are reducing the deficit at the fastest rate since the demobiliza
instead of having a conversation about the size of the deficit and bringing that down, it will be more about things like education, jobs, retirement savings, it's the white house's view that the president does better when he can focus on those kinds of topics that the american public can understand and relate to than when it's entirely about the deficit, and that's why they think his numbers come down when he is locked in battle in congress in washington, you see his numbers come down, and when he goes out to the people his numbers tend to rebound, but i would just throw up a note of caution here, which is that, look, this is a little bit of the same dynamic we have seen before, one person -- he has been out there attacking congress this week, and congress is accusing him of being an engine of division, and it's a role reversal but same dance we have seen for a lot of years. >> kevin, the president calling out republicans for not tangoing, and saying you can't be against something and you have to be for something, and democrats passing around bumper stickers on twitter, and it's like l
them a grand bargain, $4 trillion in deficit reduction by raising revenues and putting sacred social programs on the table. but the idea of even a dime in new revenue was too much for house republicans who forced john boehner to walk away from the table, unleashing brief political chaos in a last-second deal to cut spending by $2 trillion over the next decade. it was that debt ceiling debacle at the end of 2011 that brought president obama's approval rating to an all-time low. it convinced the president that no amount of compromising would be enough to get any kind of deal from republicans. if he was going to have any chance of enacting anything he wanted, he'd have to make his case to the public and beat the gop in the 2012 elections. this is when he addressed a joint session of congress and proposed the american jobs act. sweeping economic wish list that included half a trillion in spending. the idea all polled well and senate democrats tried to make republicans vote on them one at a time, but republicans, not surprisingly, filibustered them all to debt. this gave obama fuel for hi
are breaking ourselves by cutting too much. when president obama took office , this country had a deficit in the first fiscal year of $1.6 trillion. that was the last bush budget. he was living under the former budget. $1.6 trillion budget deficit and we were losing 800,000 jobs a month. the president and the democratic congress decided that to reduce the deficit and to reduce unemployment, we had to spend some money to stimulate the economy. we had to put money into infrastructure, into jobs, and we did it. congress passed it. didn't do it enough. but within a year, we were imagining 250,000 jobs instead of losing 800,000 jobs. we turned the economy around by increasing one million jobs a month. the deficit has been falling. it has been reduced by 60% since the 2009 fiscal year. we have had the last r largest deficit since the demobilization of world war ii and frankly it's going too fast. any economist will tell you the too rap i had reduction is hindering the economy and hurting jobs. we have done what we have to do on the deficit for now. we have to do more in the long-term. for now i
balance posted a deficit. and this is mainly due to higher costs of fuel imports, which is stemming from a weak yen. finance ministry officials say the trade deficit came to 1el 80 billion yen or $108 billion dollars. up for a fourth straight month. and this is due to more exports of chemical products and autos. imports also rose nearly 12%. they increased for a eighth straight month. on the trade deficit in the first six months of 2013 stood at more than $48 billion. that's the largest ever for a half-year period. >>> apple executives suffered a decline in profits for two quarters in a row. this indicates the firm is losing momentum after a decade of robust growth. the executives announce on tuesday that sales in the april to june period stood at $35.3 billion. that's slightly up from a year before, but they said their firm's quarterly net income dropped 22% on the year to $6.9 billion. profits fell as sales of new ipad tablets slowed, and consumers bought older and less expensive iphones. chief executive officer tim cook said his firm is working hard on what he calls a series of amazin
of the deficit and bringing that down, that will be more about things like education, jobs, retirement, safrgs. if the white house has viewed that the president does better when he can focus on those kind of topics the american public can understand and relate to than when it is entirely about the deficit. that's also one of the reasons they think his numbers come down, whenever he is locked in the bale with congress in washington. you see his numbers come down when he goes out to the people, his numbers tend to rebound. i would just throw up a note of caution here which is that look this is a little bit of the same dynamic we have seen before. one person has been out there attacking congress this week. congress is accusing him of being the engine of division. a little bit of role reversal. it is the same old dance we have seen for a lot of years. >> the president calling out republicans for not tangoing. saying you can't just be against something. you have to be for something. democrats are passing around bumper stickers like this. republicans accusing the president of not creating jobs is li
to be is proper staffing. over the last 5 years the medical examiner has afrmgd a deficit in salary costs. the deficit is slightly lower because of the delay between separation and the hiring has loefrd the salary costs. but we're actively recruiting to fill the medical examiners positions and that's the national association of medical. we ask i regret those cuts to maintain a staff. as for the equipment that's open our list we're aware well, i think it was a policy decision before the board the vehicle replacements were part of our budget to replace those 12 years and older. we have to take take into consideration the maintenance and the fuel and economy of the vehicle. we're totally in support of those decisions. thank you and if you have any questions i'm here to answer >> ms. kelly the only conflict between our office and the other office is regarding the medical examiner positions. >> that's correct. >> i see at least in the previous report about a half of year can you talk about the implementation if not funded. >> the implementations is really again we'll lose >> we're going h
at the slowest rate in 50 years. our deficits are falling at the fastest rate in 60 years. so thanks to hard working folks like you, thanks to the grit and resilience of the american people, we've been able to clear away some of the rubble from the financial crisis. we started to lay a new foundation for a stronger, more durable america. the kind of economic growth that's broad based, the foundation required to make this century another american century. but as i said last week and as every middle-class family will tell you, we're not there yet. even before the financial crisis hit, we were going through a decade where a few at the top were doing better and better, but most families were working harder and harder just to get by. and reversing that trend should be washington's highest priority. [ applause ] it's my highest priority, but so far for most of this year, we've seen an endless parade of distractions and political posturing and phoney scandals. we keep on shifting our way -- shifting our attention away from what we should be focused on, which is how do we strengthen the middle class
in a more rational way and get our debt and deficit under control. i'm proud of the fact that the three and a half years that i have been -- now i guess four and a half years i have been here, there's no issue i have tried to work harder on. i was proud of the fact that i was one of the founders of the so-called gang of six that built upon the very good work in the simpson-bowles plan. and let me remind my colleagues, anyone who thinks there is a solution to this problem that is not going to involve raising additional revenues and starting to reform our entitlement programs either can't read a balance sheet or hasn't grasped the magnitude of this issue. so i will continue to advocate for a balanced bipartisan blueprint that will work on these issues. raise the revenues not to grow the size of government but to pay our bills. make sure that the promise of medicare and medicaid and social security are here not just forted's generation but for future generations in a way that's responsible. we're soon coming up, and i know many of my colleagues and the american public probably got to budge
is growing at its slowest rate in 50 years. [cheers] [applause] and our deficits are falling at the fastest rate in six years. [cheers] [applause] so thanks to the grid and was williams and the determination of the american people. folks like you. we have been able to clear away the rubble from the financial crisis. we are starting to weigh a new foundation for stronger and more durable economic growth. you know, this is happening in our own personal lives as well. a lot of us have shed debt, maybe cut up the country in a couple of credit cards, we focused on those things that really matter. and as a country we have recovered faster and gone further than most other advanced nations in the world. with new american revolutions in energy and technology and manufacturing and health care and we are actually poised to reverse the forces that battered the middle class for so long. to start building an economy where everyone who works hard and get ahead. were and here is the big question. i am here to tell you today that we are not there yet. we are not there yet. we have more work to do. >> even t
they are not monetary in nature t. feds should tapir more quickly. guys, i'm back with the deficit a. big change here. is eight problem? is it not a problem? can you read all about the cnbc fed survey on line at joe. >> you were not around yesterday. >> i was not. you know where i was? >> fishing. >> no? my other passion. >> playing in the band? >> no, saratoga. really fun. >> i didn't get to talk to you, i'm sorry about that. about who was the biggest. you are the greatest predictors of, you know, basically, anyone who was predicting inflation gets cut through, right? >> that's right. >> but i like fisher's point i thought it was great. it was like having all these qeers, qe perpetuals, having them all say the economy is not going to recover while they're doing all this knowing what they are doing isn't going to help. actually seeing all this stuff is ineffective. that's even worse tan predicting. >> in other words, if you supported qe. >> you knew and you knew it was going to do anything either way. >> so they didn't know it was not going to do anything. >> they were predicting the econom
quickly. he said, deficits are falling at the fastest rate in history. that's a lie. and he said, we have cut the disef sit by nearly half a share of the economy since i took office. okay. here's the real numbers. i am not sure which numbers you are looking at. here are president bush's deficits. president obama gets elected and sworn in february of '09 -- >> that's an '08 budget. >> $..9 trillion. deficits are not falling. deficits are not getting cut. he's exploded the deficit side of the ledger. -- [overlapping dialogue] >> if you had anything idea -- >> i don't get the $1.41 trillion is bush. that is october of 2008. >> what about the $1.29. >> that's -- that's the fastest rate in history -- [overlapping dialogue] >> didn't obama say the scandals were important and he would look into them and now they are figments of our imagination. >> president obama did an unprecedented live appearance in the east room to say that the irs scandal was one of the most disturbing things he has seen, ever heard about. he's going to get to the bottom of t. we are not at the bottom of it. and greg talked
on the wealthy re230er78s andform bargain on the deficit. they don't want to move off a notion of new revenue. we are saying here's something we doting agree on. we can do corporate tax reform and put it into jobs. they will help american corporations be more competitive and help create new jobs as well. >> does this mean you are done with the bev sit reduction and you don't node anything new at this point? there is no talk of any of this revenue going to debt reduction. you want to do it on spending. >> we have an offer on the table as you know for a larger deficit package. that still stands, but the gel in pursuing that has always been in the long-term about economic growth and creating jobs and having a middle class. we wanted a package that creates stability and more over it makes room for the investments we need to make in infrastructure and education and that kind of thing. the deficit is going down and that's a positive thing. let's at least do what we agree on and take action now that everyone wants. that will help create jobs. we will see what the reaction is. there is enough people on b
necessary to pay the stations, the repacking prices, and fully contribute to deficit reduction. andn inference -- ban it.ant do it, they a rangetations enjoy of attractive alternatives other than participating in the incentive auction. to be sure, economists and lawyers could easily construct rules and auction design such as scoring stations and waiting it that would have the payments to potential sellers. this would lead to less spectrum being offered, less spectrum being reallocated in less revenue being generated. parties have expressed their concerns about counterproductive proposals to diminish incentives. they issued a statement noting "without broadcasters there is no spectrum to auction and that we can be full hearty to limit the incentives from the get-go." this to estimate the scoring and weighted auctions on the number of spectrum sellers and the amount of spectrum recovery. the statute authorizes them to tape these waste on competitive th bidding. as he understand the likely auction design, it will freeze those stations with the greatest clearing and repacking impact at h
to save taxpayer money an reduce deficits. in reality if this budget were approved, it would actually end up costing american taxpayers more. families will learn -- earn even less if we continue this funding level for infrastructure that is inadequate. there will be hundreds of millions of hours of time lost as people are stuck in traffic, and the number of miles of congestion increased over 30%. and of course our businesses will pay almost a half trillion dollars more in transportation costs and repair while business will be underperforming, and that will cost money too. the path forward is clear. we should provide increased funding for transportation and infrastructure. the gas tax has not been increased in 20 years, which incidentally was the last time we had balanced budgets. this is the quickest way to get the new revenues that many feel are necessary to be part of any rational, long-term, grand budget agreement and tax reform. it would be supported by a wide array of business, labor, environmental groups, local government. indeed, there is a vast coalition that is saying, tax me so
to read them. he said deficits are falling at the fastest rate in history. that's a lie. he said we cut the deficit by nearly half a share of the economy since i took office. here are the real numbers, president obama, not sure what numbers you're looking at. here are president bush's deficits last two years. 167 billion, in '08, 459 billion. president obama is elected, $1.4 trillion, $1.29 trillion, $1.3 trillion, $1.09 trillion. deficits aren't falling, deficits aren't getting cut, he exploded the deficit side of the ledger. >> if you had any idea how things worked in washington. >> if i had any idea -- what don't you get? >> $1.41 trillion was the last bush submission, goes to october of 2008 to october, 2009. >> 1.29 trillion, 1.09 trillion. they're not dropping at the fastest rate in history. he has more debt than all presidents combined. >> he said they're figu-- >> he did an unprecedented live appearance in the east room to say the irs scandal was one of the most disturbing things he has seen and heard about, he was going to get to the bottom of it. we're not at the bottom of it
the deficit falling at a record rate. i've been confused on whether the white house thinks that's a good thing or a bad thing. is it good the deficit's falling or is the fact the deficit is falling largely because of austerity opposed to full employment and recovery? >> when we came into office, we had historic deficits. almost 10% of gdp over $10 trillion. it is good that we have brought the deficit down and are on the path to manageable deficits. however, it matters how you do it, and what the president's been for is a progrowth, projobs, promiddle class fiscal policy. that mines three things. yes, you have fiscal discipline, but you have it more in the long term when your addressing our long term challenges. in the immediate term, you invest more in infrastructure, in fixing deferred marnt nens. and you, of course, make sure we have room to invest in things that matter. what the house republicans are doing is they turn all of that on its head. they do nothing with the sequester to deal with the long term. they freeze the investments we need in education and research that are critical to our
things worse. to reduce our deficits with a sk scalpel by changing what we need. making government more efficient. instead of doing that, we've got folks who've insisted on leaving in place a meat cleaver called the sequester that's cost jobs, it's harmed growth, it's hurt our military, it's gutted investments in education and science and medical research. >> and then he demanded washington get on board or get out of the way. >> with this endless parade of distractions and political posturing and phony scandals, washington's taken its eye off the ball. and i'm here to say this needs to stop. our focus has to be on the basic economic issues that matter most to you, the people we represent. that's what we have to spend our time on and our energy on and our focus on. >> washington has taken its eye off the ball. this is the fight the right wing is afraid of. it's why they go after this president. and have done everything to block him. because they know he's speaking basic truths. trut tru while the poor stay poor. joining me now from the north lawn of the white house is valerie jarrett. wh
for quite some time. republicans have done a lot to reverse that. the deficit's about half of what it was when the republican house came in to the majority in 2011. we've moved in the right direction. we ought to congratulate ourselves from that but we ought to continue to pressure. now i think the big fight, the real leverage here for republicans is the sequester. that's a matter of law. that's something the president advocated for and signed. that's something that democrats voted for in the senate, now seem to want to abandon without offering offsetting cuts in other areas, moving in really to the nondiscretionary side of the budget. i think that's where the real fight will be but again, at the end of the day, defaulting on our obligations or shutting down the government to me are not viable political options. >> congressman, i just want to open this up to our panel here in new york. jake, there is a lot of strategy or strategery depending on your assessment of it, afoot here. t ted cruz is suggesting that the house pass a continuing resolution that funds the government except fo
the expenditure growth and we become closer to getting rid of that deficit that we have had for a couple of years. this is actually, it may be heard to interpret these numbers but these are much more encouraging than the equivalent numbers that we have shown on the same evening the last few year when we look at the projections over two or three years. it has been sort of horrifying. so the fact that we can see and are beginning to rely on this revenue growth from the lcsf that is of course going to be subject to the state keeping their commitments and the economy recovering as it is expected to do. and prop 98 growing as it is expected to do if all of that stays on track, then we will expect to see the revenue trajectory that is shown here. and you can see that that structural deficit is in that middle of that line revenue is less expenditures and we expect that for next year that that starts to narrow. and hopefully go away, the following year. so if the last slide just restates some of what commissioner wynns reported out that we do know that there are several juicy topics, this is not an exhau
to june. it's the largest half year deficit on record. exports were up just 4% from a year earlier in yen terms. a rise in exports of chemical products to china and automobiles to the u.s. contributed to the increase. imports rose more than 9%. the weak are yen drove up prices for crude oil and lick qui fided natural gas. an influx of smartphones from china added to the deficit. finance ministry officials will keep a close eye on the yen's movements. >>> we're now approaching mid summer in japan and that means more traffic on the expressways and more stops to use the restroom and fill up on gasoline. for some people, the rest stops themselves have become a destination. nhk world tells us more. >> reporter: people in japan are not just taking a break at the rest areas. they are shopping. a large mall was built at the stop 50 kilometers south of tokyo. the area rented out space to a total of 28 tenants, including clothing and food retailers. a major japanese clothing boutique also opened a store just for the rest area. the boutique produced items for the expressway stores. and the handle is
is the most eminent issue, and we do have a structural budget deficit in the city, so we need to deal, of course, with the short-term balancing our budget in a way that does not decimate city services that people rely on, but also to address our long- term structural budget deficit, and that means implementing some budget reforms. smooth out our budget process so it is not a boom/bust kind of budget. reforming our pension system and retiree health care system so that they are stable. we do a decent job providing low-income housing. we do a terrible job providing housing for low or middle class and middle-class people, people who are working and paying taxes that we need to have here for a functioning economy, so i am looking for ways to try to fund that, particularly for essential employees like teachers, nurses, first responders. projects coming up in the city like the renovation of dolores park, which is a once in 50 years opportunity to define what the park is and what changes we want to make to it. that will be a very significant projects. [inaudible] when was the last time it rai
deficit. he issued the instructions at a meeting of the council on economic and fiscal policy on tuesday. the panel is discussing medium-term economic and fiscal policies as well as guidelines for the fiscal 2014 budget. >> translator: it's necessary to implement concrete measures so that people can actually feel the economic recovery. >> at the meeting private sector council members said the government needs to raise the consumption tax in order to achieve the goal of cutting the primary balance deficit in half by march 2016. they also noted it's necessary for the central as well as local governments to curb spending. these members also urged the pane to set strict budget guidelines for the next fiscal year and hammer out bold steps to stimulate domestic demand. the council plans to come up with recommendations as early as next week. >>> the second round of free trade talks is now under way among asia's biggest economies. japan, china and south korea. at the start of the talks in shanghai on tuesday, china's assistant commerce minister expressed hope that the three countries will be abl
from next string. they want to have the staggering balance deficit of $340 billion by fiscal 2015. a government panel drafted the outlines of a mid-term plan to rebuild the nation's fiscal health. that i lay out steps to reduce the deficit. they want to improve the account balance by $80 billion between fiscal 2014 and 2015. to achieve this, they said they will keep issuances of new bonds lower starting in the next fiscal year. the plan said something specific about a tax hike. abe said he will decide in the fall whether to go ahead with the hike. # people in egypt fear they may see another week of blood shed. they were ordered to clear the protesters from the streets. military commanders over through former president mohammad morsi a month ago and installed a new government. supporters have been staging rallies demanding he be reinstated. on wednesday officials ordered security forces to clear two protest camps blocking roads in the camp. the demonstrators pose a threat to national security. morsi supporters are outrage and say the generals are intervening and threatening peace.
, the budget deficit is still big but it's coming down and it's the change that matters. the private economy is actually doing rather well. it's the government sector that's providing the drag on the economy. i think that drag is going to be somewhat less in the quarters ahead and i'm expecting a better second half and a better 2014. >> you are? and how would you characterize earnings so far? earnings, i think, are coming in better than expected. revenue is really not growing very much. >> absolutely. revenues are not growing much, but that's part of gdp growing very, very slowly. i think as gdp starts growing faster, now, i don't think it's gonna go crazy, but instead of being 1%, 1.5%, we are going to see a number that starts with 3 in 2014 and i think that's going to help on the revenue front. >> in terms of investing today, you have seen a huge outflow of money coming out of bond funds. what would be an appropriate way a to look at one's retirement, look at your i.r.a., in terms of allocating bonds versus stocks? >> i'm actually rather worried about the bond market. i think people should
a little more wind in his sails this time than in the 2011 summer because the deficits have improved. >> let's talk about the spending cuts because a big deal is made about the automatic spending cuts that went into effect this year. that's going to happen next year as well. we're talking about some $19 billion more needed to be cut. how will we feel that? who is going to be impacted by that? >> they have to fix this. they have to find a better way for making spending priorities. this is no way for the biggest business in the world, the united states economy to be run. we don't have a budget. we're lurching from fiscal crisis to fiscal crisis. they can't keep doing it like this. the question is how is the president going to change that game plan in washington. he's probably going to be need it wi ling house republicans in this speech. how is he going to change that conversation and get it so that we're not doing this over and over again. we're not fighting about the debt ceiling again and again. the fed chief in his testimony last week said the economy is slowly healing. it's moving
important, jim, that he is done with deficit reduction itlitics. the president is going to spend e e next four weeks trying to ryinuade the country that at least for now, washington has washinough to confront the deficit and what washington nhould focus on exclusively for the next few weeks and the next ng montmonths is how to generate economic growth, create jobs, wd possibly boost wages. this will be the president's attempt to turn the tables on congressional republicans who would like to extend for a second year these across-the- ndard spending cuts and some of wom who have threatened to have a debate over future deficit reduction tied to increasing the debt ceiling, which would avoid a government default. the white house believes both those debates are dead end politically and economically and the only way he can get etound it is to persuade the country at least for now move economic reduction has been achieved. the republicans consider this a foolhardy strategy but it's the puly one the president is going to pursue for the next few weeks. former louisiana congresswoman log has died.
to be able to afford all of this. but, there are two things that we need to focus on. number one, the deficit is now about half what it was before as a percentage of gdp and as gdp grows it will do better and number two, the yield on a ten-year treasury is low. and cheap to borrow. if we borrow to investment in infrastructure and get all of that deferred maintenance really up to snuff, we will have a more productive economy. it's not debatabldebatable, it' obvious. >> let's assume that i was aiming just at the middle class. i do not believe in those economics. but let's do it. you have low borrowing rates. suppose i wanted to borrow a couple of hundred billion dollars in order to really substantially slash middle class income tax rates. say the 28% rate, the 25% rate. the 15% rate. let's say i wanted to do that. to me, you are at least giving the people their money back, rather than having the government taking the money, and spending it's unwisely. that is one of the flaws i see in the president's program. he wants the government to do it and i want to private sector to do it. >> we live in
with attacking deficit and debt, defunding the government. so the part of the president's bargain which would apply to the savings we get from this tax reform to investments in infrastructure, investments in education rather than simply this austerity plan of using everything to pay down deficit and debt is going to run into trouble with those tea party members. so it will require leadership from the g.o.p. which we haven't seen really in the house. the speaker unfortunately has had to be at the beck and call of a lot of the tea party activists but on this issue, as on immigration, as on a whole variety of issues, you could have a very bipartisan coalition of the mainstream members of the g.o.p. conference and with democrats but it would probably be a minority g.o.p. vote. >> john: i think you're right, congressmen. our tea party friends have been outraged about deficits since january 1, 2009. you splay heard this already, sir, but an nbc "wall street journal" poll released last wednesday found american's disapproval of congress has reached unprecedented levels. according to the survey, 83% o
to the second lowest tax rate in the world. at the time of deficits, my question is why don't we close the loopholes and make the corporate tax rate actually what it's supposed to be before we start further lowering the corporate tax rate and potentially creating more revenue problems for ourselves. to me, the problem here is the assumption of a talking point, a right wing talking point that we have the highest corporate tax rate in the world, the assumption of that as a justification to further potentially lower that corporate tax rate. cenk: guys, we've been doing the show together for a long time. every time someone wants to lower the tax rate, it's pretty easy. anytime you want to raise the tax rate, it's a herculean task. we got back 5% of the bush tax cuts under obama and everybody was like whoa, wow, look at that. it was seen at some gigantic accomplishment. do you think if we lower the corporate tax rate now, we'll be able to raise it later if they insert loopholes? >> i see this speech as a huge handout for corporations. i don't believe for a second that obama who gets funded
a big problem with debt and deficit even if in the short term it slightly improved, but people understand it probably means a lot of higher taxes and the future. rules, regulatory rules have been passed. many of them have not been written yet. people wonder what it means since they do not know how it is going to affect their businesses. a lot of uncertainty in the .conomy good intention. as for what we need to do, i actually think that's what government can do -- there is monetary policy and fiscal policy. you are right about monetary policy. i guess there is some debate about the fact that the fed could actually do better and gdp andgeting nominal stuff like this. but fiscal policy, i think, has the ability toed do anything. first, it has been tried. the obama administration has and didot of promises not deliver on the promises. if you believe in fiscal policy to boost the economy, one thing you note is it is only effective in the short run. we have been doing this for five years. when is the short run over? i actually think the policies, what we need to do is try to give the
fine. just fine at reducing the nation's deficit. with the spark miles card from capital one, bjorn earns unlimited rewas for his small business take theseags to room 12 please. [ garth ] bjors small busiss earns double miles on every purchase every day. produce delivery [ bjorn ] just put it on my spark card. [ garth why settle for less? ahh, oh! [ garth ] great businesses deserve limited reward here's your wake up call. [ male announcer ] get the spark buness card from capital one and earn unlimited rewards. choose double miles or 2% cash back on every purchase every day. what's in your wallet? [ crows ] now where's the snooze button? >> 23 minutes past the hour. in philadelphia, authorities say at least six people are injured after a rural house collapsed this morning. rescuers are searching for anyone that could be trapped in the rubble. in italy, at least 38 people were killed when a to wear -- to her bus crashed. pope francis says gays should not be judged or marginalized and should be integrated into society. he said he would not judge praised for their sexual orientation, he
problem. when you are running deficits that are 8%, 9%, 10% of g.d.p. that's a person. the program -- that's a concern. the program, the seniors love it. it's a critical program. host: we'll talk more about what it is, but to those numbers, the keyser family foundation pew research center, says in 2012 there were 49.4 million medicare in 201247.5 and million. 11,000 new seniors become eligible every day as baby boomers retire. and then medicare spending from the centers for medicaid and medicaid services it was in 2006 it was $403 billion. in 20122 went to $506 billion. and the 2022 estimate is $1 trillion. tom scully, why -- >> carl sayingian. host: what's your reaction to those numbers? what's driving this? is it the demographics as you said? what else? guest: it's really the demographics. health care inflation has always been a little above general inflation. it's way above until the last few years. the earlier numbers you quoted are good news. things are relatively getting better. if inflation is 2%. health care inflation is always a couple points above that. when you population is ra
the long-run deficit, which is the main problem that we face from a fiscal standpoint, i think we would be growing at 3% very soon. >> rose: soon means 2014 or-- >> i think this year would have been pretty darn close. i think 2013 would have been close. >> rose: where do you think it will end up then? >> the congressional budget office has said the fiscal drag, the headwinds created by congress because o sequester and other policy could subtract two percentage points from g.d.p. >> gl that means between one and 2%. >> i think we'll see growth at 2% and if it weren't for the sequester, i think it would have been closer to 3%. next year, when we have the downward adjustment because of the sequester behind us-- and we'll be robbing the future by not vesting enough next year-- but at least we won't be cutting that much deeper-- although it will be somewhat deeper-- a lot of forecasters are predicting 3% growth. >> rose: there are some who are suggesting it will be a long time before we see 4% growth? do you hold that view? or do you hold the view if we do certain kinds of corrective things
of health care is growing at its slowest rate in 50 years, and the our deficits are falling at the fastest rate in 60 years. so thanks to the grit and resilience and determination of the american people, the folks like you, we've been able to clear away the rubble from the financial crisis. we've started to lay a new foundation for stronger, more durable economic growth, and, you know, it's happening in our own personal lives as well, right? a lot of us tightened our belts, shed debt, maybe cut up a couple of credit cards, refocused on those things that really matter. as a country we've recovered faster and gone further than most other advanced nations in the world, with new american revolutions and energy and technology and manufacturing and health care. we're actually poised to reverse the forces that batter the middle class for so long and start building an economy where everyone who works hard can get aha ahead. but, and here's the big but, i'm here to tell you today that we're not there yet. we all know that. we're not there yet. we've got more work to do. even though our businesses a
: americans point to the massive debt spending and the federal deficit and they don't want to increase it further. >> we also have to look at how far we have gone in with the federal government. this president seems to be using a one-way ratchet, always expanding the role of the for gallon of government, even as we are $17 trillion in debt and increasing it every year. >> reporter: republicans point to the sequester as an example of how the federal government can function with less money. they believe the sequester's impact has been minor. the obama administration's view is that it has been extremely harmful to effective governance and more harm will come without an effective budget resolution by then of the fiscal year, september 30. >> eric: another deadline, dug. thanks so much. >> jamie: well, the president didn't just make one mention of phony when determining how to classify the scandals that we have seen in washington, the irs, the nsa and information and transparency about benghazi. here, listen to just some of the speaking this week of the president, different speeches and whi
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